College Savings Made Simple: Take Action

Special thanks to Country Financial for sponsoring this discussion. All views expressed are my own.

As a mom who has guided two of my four children through the college experience, I’ve gathered some valuable insights. We’ve already sent two of our kids off to pursue their degrees at different universities and have roughly seven years until our next one embarks on the same journey.

We’ve faced some lessons the hard way regarding college expenses, but it doesn’t have to be as stressful as we made it at times.

Begin Saving Early

This advice might sound clichéd, but it’s incredibly valid. Start by stashing away small amounts regularly, even if it’s just the spare change you have lying around. I’ve encountered parents who never spend their $5 bills; they save any received in change and deposit it into a college fund. Setting aside earnings from garage sales or even savings from coupons can accumulate to a significant amount over time.

Engage Your Kids

My children enjoy setting up lemonade and bake sale stands, particularly when we are having a garage sale. Involving them in saving for their education gives them a sense of ownership. I’ve noticed that when my kids have a stake in it, they approach the subject with much more seriousness. I’ve seen peers of my older children—whose parents covered all expenses—lose motivation, indulge in parties, and struggle academically. Allow them to take charge of their finances!

Explore College Costs Together

Again, encouraging accountability by having them involved in financial discussions fosters responsibility. Even if your child opts for a less expensive local college, you’re still likely looking at a minimum of $19,000 each year for tuition, housing, and food. While researching colleges, I made sure my kids understood the financial aspects, including potential scholarships and student loans necessary for enrollment. This approach equipped them to make informed choices regarding their education.

Covering college expenses can be manageable if you commence planning and saving early. With tuition fees on the rise, considering inflation over the next decade is crucial! For further guidance on college savings options, explore Country Financial’s educational funding solutions.